Source: Den Rise Shutterstock
- VeChain has established partnerships with more than 100 companies worldwide.
- PwC and DNV have an exclusive relationship with the VeChain Foundation and will use VeChainThor if clients want a blockchain solution.
VeChain CEO Sunny Lu conducted an interview with Thinking Crypto to discuss the project’s beginnings, partnerships, and updates to VeChainThor blockchain. Lu emphasized that the network has grown very quickly, so it has become “very big” and can solve a variety of problems.
On cooperations, Lu stated that VeChain works with more than 100 partners including BMW, Walmart, Breyer, among other traditional market giants. The company has set out to bring “trust” and “simplicity” to drive adoption in the enterprise sector, according to VeChain’s CEO.
Its partnership with PricewaterhouseCoopers (PwC) and DNV GL has been key to achieving this. Lu stated:
We worked with PwC as a united force to build this secure food traceability platform in 3 months. When we replicated it to Sam’s Club it only took us 3 weeks. It gave us a confidence about our direction. Simplifying the application of blockchain is the right direction to conquer the business world.
Furthermore, VeChain is expanding its reach in the United States. However, the Covid-19 pandemic has been a challenge. Despite this, the executive believes it has had a positive side in accelerating the need for digitization across all sectors globally.
Delving deeper into the relationship with PwC and DNV, VeChain’s CEO stated that they have an “exclusive” relationship. Therefore, if the clients of these companies decide to adopt blockchain technology, VeChain will be “part of that”. Lu said:
There are thousands of DNV clients and many more PwC clients and they have been walking these sides. Digitization is the new black for everyone. If their customers choose to use blockchain we will be exclusive clients for them.
In that regard, Lu said that the two crucial factors for companies to adopt new technology are cost efficiency and ease to build applications. The executive added:
‘I think for blockchain or any new technology, different stages will have different focus (…). Generally speaking blockchain technology can be everywhere, in all industries, it can be beneficial for all territories.
On the other hand, VeChain’s CEO referred to the VET token as another relevant component in the adoption gear. Designed with a “twin token” model, its purpose is to keep the costs of using the VeChainThor blockchain predictable.
On the possibility of VET being listed by Coinbase, Lu stated that the exchange is “evaluating” the token. The executive believes that being part of this platform will give them a lot of exposure and attraction for their business applications. However, he said he doesn’t feel “rushed” and that it will be a matter of time.
